Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the answer as soon as possible E-6 The following data (in thousands of dollars) have been taken from the accounting records of L

I need the answer as soon as possible image text in transcribed

E-6 The following data (in thousands of dollars) have been taken from the accounting records of L Company for the just completed year (2013). Sales........ $870 Purchases of raw materials $190 Direct labor............ $200 Manufacturing overhead. $230 Administrative expenses. $150 Selling expenses...... $140 Raw materials inventory, beginning. $10 Raw materials inventory, ending. $40 Work in process inventory, beginning. $20 Work in process inventory, ending..... $50 Finished goods inventory, beginning... $90 Finished goods inventory, ending.. $130 Required: i) Prepare a Schedule of Cost of Goods Sold. ii) Using data from your answers above as needed, prepare an Income Statement in good form iii) Suppose the company has produced 7,000 units in 2013 and find a. Unit cost of direct labour b. per unit manufacturing overhead. iv) If the company produce 9,000 units in 2014 a. What will be the unit cost of direct materials and total direct material cost? b. What will be the unit cost of manufacturing overhead and total manufacturing overhead? v. Identify the reasons of differences in unit cost in iii & iv above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Organisational Change Audit

Authors: Ralph Houston

1st Edition

1907766014, 978-1907766015

More Books

Students also viewed these Accounting questions

Question

How can the acceptability of policy measures be increased?

Answered: 1 week ago

Question

9. Describe the characteristics of power.

Answered: 1 week ago